ThredUp in its IPO filing said the resale economy is “the fastest growing sector in retail,” citing GlobalData.
While apparel sales have dramatically slowed during the pandemic, secondhand as a category has continued to be a strong performer. Consumers have become increasingly resistant toward fast fashion as more people begin to demand sustainability initiatives from companies, especially Gen Z shoppers. The pandemic may be contributing to heightening awareness over those efforts, with nearly half of consumers saying that the global health crisis has made them more concerned about environmental issues and 11% stating they have shifted purchases based on environmental claims within the past year.
The secondhand apparel and accessories company, which was founded in 2009, touts the environmental benefits of buying from its platform, stating that its impact is good for “the planet, fighting fashion waste and powering resale at scale.” Specifically, the company estimates it has saved 1 billion pounds of carbon emissions and 4.4 billion gallons of water, among other environmental benefits.Retail Dive